BLAINVILLE, QC, Nov. 16 /CNW/ - World Outfitters Corporation ("World
Outfitters" or the "Company") (TSX-V: SAF), today announced it has a signed a
Letter of Intent ("LOI") to acquire Mirage Outfitter Inc. ("Mirage"), the
largest winter outfitter for Caribou hunting in Eastern Canada. The
acquisition is subject to the Parties entering into a formal agreement and
closing is expected to be completed 60 days thereafter.
Mirage Outfitter is the largest provider of winter Caribou hunting, with
a market share of over 50 percent and approximately $8 million in annual
revenues. Mirage is situated on the kilometre number 358 of the James Bay
region's Transtaiga road and owns a 3,500 feet long landing strip. It offers
its clients five-star lodging accommodations in addition to eight private
chalets and is open year round. Activities offered include hunting, fishing
and outdoor adventure packages.
"The acquisition of Mirage Outfitters is in-line with our strategy of
becoming a world leader in providing first-class hunting and fishing trips,"
stated Nicolas Laurin, President and Chief Executive Officer of World
Outfitters. "Once completed, this acquisition will achieve substantial
synergies in operations and will diversify our services offering, thereby
eliminating the seasonal nature of our current activities."
World Outfitters estimates the purchase price for Mirage at $5,500,000.
World Outfitters expects to finance 40 percent of the acquisition with the
issuance of $1.1 million in World Outfitters common shares to existing Mirage
shareholders and with $1.1 million in non-guaranteed debentures. The remaining
portion will be financed with private funds or by the issuance of debt.
The completion of this transaction is subject to regulatory approval,
including approval of the TSX Venture, a due diligence of Mirage operations
and the closing of the financing necessary to finalize the acquisition.
About World Outfitters Corporation
As a leading sports outfitter, World Outfitters Corporation's mission is
to provide first-class hunting and fishing trips. In order to become a world
leader in its field, the Corporation is consolidating its position by
acquiring companies based in Northeastern Quebec operating in its line of
business. It intends to rely on recognition of its brand in order to develop
its activities worldwide.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements. This
list is not exhaustive of the factors that may affect any of our
forward-looking statements. Investors are cautioned not to put undue reliance
on forward-looking statements. All subsequent written and oral forward-looking
statements attributable to World Outfitters Corporation or persons acting on
our behalf are expressly qualified in their entirety by this notice. We
disclaim any intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events or
otherwise. Risks and uncertainties about our business are more fully discussed
in our Prospectus.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Nicolas Laurin, President and Chief Executive
Officer, World Outfitters Corporation, (450) 971-1800; Eric Bouchard, The
Equicom Group Inc., (514) 844-7997, email@example.com